Form 5500 EFAST 2 and Desktop Software

SunGard Relius has posted on its website Part 8 of its series of Q&As on the new electronic filing procedures for the Form 5500 report. This installment addresses the steps involved for plan sponsors and third party administrators that use desktop software to prepare the Form 5500. Questions addressed in this article include:

Under EFAST2, how may a 5500 preparer use desktop software to prepare a Form 5500 and schedules?
May a third party administrator (TPA) use desktop software to prepare and to transmit the 5500 directly to the DOL?
Who can use desktop software to both prepare and transmit a 5500 to the DOL?
How does a TPA who has prepared a 5500 on desktop software transmit the 5500 to the DOL?
May the TPA prepare the 5500 on desktop software and transmit it to its client for submission to the DOL?
If a TPA e-mails the 5500 to the client, what steps would the client need to take in order to transmit the filing to the DOL?
If a TPA published a 5500 to a third party web-based system, what steps would the TPA need to take in order to transmit the filing to the DOL?
If a TPA prepared the 5500 on desktop software and provided it to the client in PDF format, what steps would the TPA and the client need to take in order to prepare the filing on IFILE and transmit it to the DOL?

Please contact us with questions about EFAST2 and how it applies to your particular situation.

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